Burger Singhhas raised ₹30 crore in a Series A funding round led by Nine Capital, Lets Ventures and others.
- It plans to use the money to launch an additional 120 food court stores in fiscal year 2023.
- Burger Singh launched its first outlet in Gurugram in 2014 and has added 50 stores in the past two years.
Indian burger chain Burger Singh said Thursday it has raised ₹30 crore in a funding round led by Nine Capital, LetsVentures, Mumbai Angels, Old World Hospitality and singer Jasleen Royal.
Existing investors RB Investments, Rukam Capital, KCT Family Office and VM SALGAOCAR family office based in Goa also participated in the Series A round, the company said.
Tipping Mr Pink Pvt Ltd, Burger Singh’s holding company, said the company managed to complete its current financing round in 60 days. It plans to deploy the capital to launch another 120 food court stores in fiscal 2023.
“Our ideology has always been to provide our investors with sustainable growth. Our compelling business model has steadfastly been thwarted by two unprecedented global events – the pandemic and inflation… We would rather be the winning turtle of the QSR (quick service restaurant) race than the fleeting ill-fated rabbit,” said Kabir Jeet Singh, CEO and Founder from Burger Singh.
Burger Singh launched its first outlet in Gurugram in 2014 and has added 50 stores in the past two years. The company currently has a total of 80 outlets in Delhi NCR, Lucknow, Jaipur, Dehradun, Jammu, Nagpur, Ahmedabad, Jhansi, Chandigarh and Amritsar, among others.
“The QSR space in India is a very exciting proposition right now as the Indian consumer landscape moves into the next stage of evolution. Powered by 360 million millennials and dramatically improved unit-level economy have made the industry very attractive to investors like us.” who want to invest in high-growth, predictable and profitable startups,” said Neil Bahal, founder and CEO of Nine Capital.
According to a report by ICICI Securities, the low-ticket staple food segment is struggling due to high inflation, as the segment relies largely on the bottom tier for incremental volumes. However, Indians don’t seem to have lost their appetite for fast food and QSRs are largely safe from this negative sentiment.
ITC relies on its farmer advice app, value added crops to grow its agri business
Fixed deposits back in vogue as crypto, stock market hit by global headwind
Rupee hits another all-time low of $80.06/$ as demand for dollars from oil importers soars